@rgordon93 wrote:
I’m not an expert and I don’t fully understand. I’d prefer to pull the $500 out, pay the penalty’s and be done with it. My question is once the $500 is out what do I do next and how does this affect my 2018,19,20,21 tax returns
You need to file a 2018, 2019, 2020, and 2021 5329 form with the 6% penalty ($30) for each year.
You can get past years 5329 form here:
https://apps.irs.gov/app/picklist/list/priorFormPublication.html
**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**
